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Asetek Receives Orders from Existing Global Data Center OEM

PR Newswire

AALBORG, Denmark, Nov. 17, 2020 /PRNewswire/ — Asetek today announced two new orders from a current Global HPC OEM. The orders total approximately USD 600,000 depending on final order details, with delivery in Q1 2021.

This is the 12th Data Center order announced this year, representing an aggregated value of USD 6.9 million.

About Asetek

Asetek, the creator of the all-in-one liquid cooler, is the global leader for liquid cooling solutions for high performance gaming and enthusiast PCs, and environmentally aware data centers. Founded in 2000, Asetek is headquartered in Denmark and has operations in China, Taiwan and the United States. Asetek is listed on the Oslo Stock Exchange (ASETEK.OL). 

www.asetek.com

For further information, please contact:

CEO and Founder André S. Eriksen
+45 2125 7076, email: [email protected] 

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Embassy REIT Announces Rs 98 billion ($1.3 billion) Acquisition of Embassy TechVillage

Embassy REIT Announces Rs 98 billion ($1.3 billion) Acquisition of Embassy TechVillage

  • 9.2 msf integrated office park located on Outer Ring Road Bengaluru, India’s best-performing office sub-market
  • Addition of 35+ blue-chip occupiers to REIT’s existing marquee occupier base
  • Adds long-term earnings power through 33.7% mark-to-market potential and 3.1 msf development, of which 36% pre-leased
  • NOI, DPU and NAV accretive transaction fortifies Embassy REIT’s position as one of Asia’s largest office REITs by area

BENGALURU, India–(BUSINESS WIRE)–
Embassy REIT, India’s first publicly listed REIT, announced today that it has agreed to purchase Embassy TechVillage assets (“ETV”) from affiliates of Embassy Sponsor, Blackstone Sponsor and other selling shareholders for a total consideration of Rs97,824 million ($1.3 billion), subject to Unitholder and regulatory approvals.

The acquisition comprises c.6.1 million square feet (“msf”) of completed area, c.3.1 msf of under-construction area, of which 36% is pre-leased to JP Morgan, and two proposed 518-keys Hilton hotels within the overall ETV campus. Embassy REIT is exercising its right under the ROFO agreement to acquire the asset.

Mike Holland, Chief Executive Officer of Embassy REIT said, “The proposed accretive acquisition of Embassy TechVillage will mark the addition of another trophy asset to our existing office portfolio, while reinforcing our stable cash flows. ETV is a unique large scale business park, in the leading Outer Ring Road sub-market of Bengaluru, with a diversified blue-chip and predominantly multinational occupier base, including JP Morgan, Cisco, Sony and Flipkart. The acquisition further deepens our presence in Bengaluru, which remains India’s strongest office market, and significantly enhances our scale and ability to deliver embedded growth. We are delighted to purchase an asset of the quality and scale of ETV at a 4.6% discount to the average of the two independent valuations. This acquisition aligns perfectly with our overall strategy to maximize total returns for our Unitholders.”

Jitendra Virwani, Chairman & Founder of the Embassy Group said, “We are pleased to deliver on our commitment to support the growth of the REIT platform through the ROFO pipeline. The Embassy TechVillage ROFO reaffirms the commitment we made at the time of the REIT’s listing to provide Embassy REIT with a pipeline of opportunities for completed and rent-yielding assets. Over the past six years, Embassy Group has developed ETV to be one of the finest office assets in the country, and we are pleased to offer this asset to the REIT for consideration and approval by the Independent Directors of the REIT Manager and the Unitholders. Embassy Group will continue to develop top quality office assets across the country, thereby providing the REIT with a potential pipeline of assets that will help it grow inorganically over the coming years.”

The REIT proposes to fund this c. Rs 98 billion ($1.3 billion) acquisition by issuing equity of c. Rs 60 billion ($812 million) through a combination of an institutional placement of c. Rs 37 billion ($500 million), and by way of a preferential issue of units to third-party selling shareholders of c. Rs 23 billion ($312 million). The proposed placement of units is expected to increase the REIT’s public float, enhance its liquidity, and serve as a catalyst for the REIT’s potential inclusion into additional benchmark global equity indices. The REIT also plans to refinance existing ETV debt facilities of up to c. Rs 36 billion ($492 million) through a combination of equity and issuance of new coupon bearing debt.

Transaction Highlights

  • Aggregate enterprise valuation of Rs 97,824 million is at a 4.6% discount to average of two independent valuation reports
  • Enhances Embassy REIT’s commercial office portfolio scale by 28% to 42.4 msf, facilitates entry into Bengaluru’s best-performing sub-market and further diversifies Embassy REIT’s occupier base
  • Stable cash flows with strong embedded growth through 33.7% MTM upside on 97.3% leased area and 3.1 msf of on-campus development, of which 36% is pre-leased to JP Morgan
  • Attractive acquisition with proforma accretion of 28% to Net Operating Income (‘NOI’), 4.2% to Distribution Per Unit (‘DPU’) and 3.0% to Net Asset Value (‘NAV’) per unit basis 6 months period ended September 2020
  • Strong framework in place regulating related party transactions including approval by independent directors of the Board, majority of unrelated unitholders’ approval required for ETV acquisition, and no acquisition linked fees to the REIT Manager
  • Fairness opinion issued by HSBC Securities and Capital Markets (India) Private Limited to the independent directors of the manager to Embassy REIT opining that, subject to the assumptions and limitations of the scope, the proposed value of the acquisition is fair, from a financial point of view, to the public Unitholders of Embassy REIT

The acquisition is subject to certain condition precedents and requires Unitholder, regulatory and other approvals.

Morgan Stanley and Kotak Investment Banking are serving as joint financial advisors to Embassy REIT, while S&R Associates and Clifford Chance are acting as legal advisors to Embassy REIT. Ernst and Young LLP conducted financial and tax diligence and HSBC Securities and Capital Markets (India) provided a fairness opinion to the independent directors of the manager to Embassy REIT for the proposed acquisition.

About Embassy TechVillage

Embassy TechVillage is a large-scale, award-winning and best-in-class integrated office park situated on the Outer Ring Road (“ORR”) in Bengaluru. Home to over 45,000 employees of 40+ corporate occupiers, ETV is an infrastructure-like asset that serves as a complete business ecosystem for its occupiers and their employees.

Located in Bengaluru’s best-performing commercial office sub-market, ETV spans over 84 acres and derives 88% of its rents from multinational occupiers, is 97.3% occupied, and has a 9.7 year Weighted Average Lease Expiry (“WALE”) with a 33.7% mark-to-market (“MTM”) potential.

About Embassy REIT

Embassy Office Parks is India’s first publicly listed Real Estate Investment Trust (REIT). Listed in April 2019, Embassy REIT owns and operates a 33.3 million square feet (msf) portfolio of seven infrastructure-like office parks and four city‑centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). Embassy REIT’s portfolio comprises 26.2 msf completed operating area, has an occupancy of 91.7% as of September 30, 2020, and is home to many of the world’s leading companies as occupiers. The portfolio also comprises strategic amenities, including two operational business hotels, two under‑construction hotels, and a 100MW solar park supplying renewable energy to park occupiers.

Investor Call Details

The management team of Embassy Office Parks Management Services Private Limited, the REIT Manager, will host a global conference call at 18.30 Indian Standard Time (+ 5.30 GMT) today, i.e., Tuesday, November 17, 2020 to discuss the Acquisition of Embassy TechVillage.

Stakeholders can access the call by dialling +91 22 6280 1320 or +91 22 7115 8815 or +91 70456 71221 domestically, or by accessing the following international toll and toll-free numbers

Dial-in detail:

 

 

Universal Dial In

+91 22 6280 1320

 

+91 22 7115 8815

Local Dial In

 

Available all over India

+91 70456 71221

 

 

International Toll Free

 

Hong Kong

800 964 448

Singapore

800 101 2045

UK

0 808 101 1573

USA

1 866 746 2133

 

 

International Toll

 

Hongkong

+852 3018 6877

Singapore

+65 3157 5746

UK

+44 203 478 5524

USA

+1 323 386 8721

Shortly after the call, playback of the call will be hosted on Investor Relations section of our website at www.ir.embassyofficeparks.com. All interested stakeholders may access the archive call till December 09, 2020.

Disclaimer

This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT.

This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, including the impact of COVID-19 on us, our occupiers and the Indian and global economies, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.

This press release also contains certain financial measures which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT’s cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of the Embassy REIT’s financial position or results of operations as reported under Ind-AS.

It may be noted that HSBC and its affiliates have provided various services (including financing through its affiliates), to the Embassy REIT, the targets and their respective affiliates, and may continue to provide such services in the future. Further the actual legal entity names of the occupiers may differ from the names referred in the press release above.

For convenience purposes only, the exchange rate used in this press release is $1 = Rs 74.

Appendix

Key Transaction Parameters
 

Particulars

Details

Asset Overview

Embassy TechVillage, located at Outer Ring Road, Bengaluru

Proposed Acquisition Area

84.05 acres

Leasable Area

9.2 msf

Completed Area

6.1 msf

Under Construction Area

3.1 msf (36% pre-leased)

Proposed Hotel

518 keys (dual-branded Hilton hotels)

Occupancy

97.3% on 6.1 msf completed area

Number of Occupiers

40+ (88% of Gross Rentals from multinational occupiers)

WALE

9.7 years

Avg. in-place rentals

Rs 68 psf

Market Rentals

Rs 91 psf

MTM Potential

33.7% mark-to-market rental opportunity

Independent Valuer 1

Rs 102,292 million ($1.38 billion)

Independent Valuer 2

Rs 102,817 million ($1.39 billion)

Average Valuation

Rs 102,555 million ($1.39 billion)

Agreed Enterprise Value

Rs 97,824 million ($1.32 billion)

(4.6% discount to the average of the two independent valuations)

Pro Forma Impact & Financing

Pro-forma Impact

Impact on Embassy REIT’s scale:

  • Leasable Area: 28% increase (from 33.3 msf to 42.4 msf)
  • Development Area: 43% increase (from 7.1 msf to 10.2 msf), with 1.1 msf already pre-leased
  • Gross Asset Value: 30% increase
  • Public Float: Increase from 38% to 43%1

Impact on Embassy REIT’s 6-months FY2020-21 Proforma financials:

  • NOI: 28% increase
  • Trailing NOI Yield: 7.5% on completed portion
  • DPU: 4.2% accretive
  • NAV per unit: 3.0% accretive

Impact on Embassy REIT’s Proforma leverage:

  • Gross Debt to GAV: 22%

Financing

Equity issue of c. Rs60 billion ($812 million)

  • Proposed Institutional Placement of c. Rs 37 billion ($500 million)
  • Proposed Preferential Issue of up to 65,579,400 units, approximating to Rs 23 billion ($312 million)

Debt issue of up to Rs 36 billion ($492 million)

  • Combination of bonds / loans at the REIT level and / or SPVs
  • To be utilized to repay existing ETV debt and for general corporate purposes

Extraordinary Meeting Particulars

Date and Time

December 10, 2020

Venue

Virtual Meeting

Summary of Proposed Resolutions

Ordinary Business
  • Resolution 1: To consider and approve the ETV acquisition for an enterprise value of Rs97,824 million

    The Embassy Sponsor, the Blackstone Sponsor Group and their respective associates will abstain from voting on the above acquisition transaction related resolution
  • Resolution 2: To consider and grant authority to borrow up to 35% of the Gross Asset Value of the Embassy REIT and matters related thereto

Special Business
  • Resolution 3: To consider and approve raising of funds through an institutional placement(s) of units of Embassy REIT not exceeding

    Rs80,000 million to Institutional Investors in one or more placements
  • Resolution 4: To consider and approve a preferential issue of up to 65,579,400 units of the Embassy REIT at a price of

    Rs356.70 per unit

1 Assumes c. Rs 37 billion Institutional Placement and c. Rs 23 billion Preferential Allotment to third-party selling shareholders. Market Capitalization computed as Units Outstanding as of September 30, 2020 multiplied by VWAP of Rs 349.32. VWAP computed basis BSE (exchange with highest trading volume for last 26 weeks) data for last 30 trading days up to November 11, 2020 (which is the date of intimation to Stock Exchanges for the meeting scheduled for November 17, 2020). The public float of the units of the Embassy REIT may fluctuate due to multiple reasons and the price of Units indicated above may not be indicative of any future trading price. Pre-Acquisition public float is based on unitholding pattern as of September 30, 2020. Post-Acquisition public float excludes the preferential allotment units issued to third-party selling shareholders.

For more information please contact:

Ritwik Bhattacharjee

Head of Capital Markets and Investor Relations

Email: [email protected]

Phone: +91 80 3322 2222

KEYWORDS: United States India North America Asia Pacific New York

INDUSTRY KEYWORDS: REIT Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property

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FinVolution Group Reports Third Quarter 2020 Unaudited Financial Results

PR Newswire

SHANGHAI, Nov. 17, 2020 /PRNewswire/ — FinVolution Group (“FinVolution,” or the “Company”) (NYSE: FINV), a leading fintech platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial and Operational Highlights

  • Net revenue increased by 12.6% to RMB1,793.3 million (US$264.1 million) for the third quarter of 2020, from RMB1,592.5 million in the same period of 2019.
  • Operating profit was RMB689.0 million (US$101.5 million) for the third quarter of 2020, representing an increase of 6.2% from RMB648.9 million in the same period of 2019.
  • Non-GAAP adjusted operating profit[1], which excludes share-based compensation expenses before tax, was RMB697.6 million (US$102.8 million) for the third quarter of 2020, representing an increase of 6.1% from RMB657.8 million in the same period of 2019.
  • Cumulative registered users[2] reached approximately 112.8 million as of September 30, 2020.
  • Cumulative number of borrowers[3] was approximately 18.6 million as of September 30, 2020.
  • Number of unique borrowers[4] was approximately 1.9 million for the third quarter of 2020.
  • Loan origination volume[5] was approximately RMB17.0 billion for the third quarter of 2020.
  • Repeat borrowing rate[6]was 89.7% for the third quarter of 2020, compared to 79.4% in the same period of 2019.
  • Average loan size[7]was RMB 4,095 for the third quarter of 2020, compared to RMB 3,156 in the same period of 2019.
  • Average loan tenure[8] was 8.3 months for the third quarter of 2020.

Mr. Feng Zhang, the Chief Executive Officer of FinVolution, commented, “We are pleased to report continued progress in our results as we continue our shift to attracting higher quality customers. Our reported operational and financial performance were better-than-expected in the third quarter of 2020, a further testament to the agility and robustness of our core capabilities. As China gradually emerges from the aftermath of COVID-19, our loan business recovery has been gathering momentum. Our loan origination volume in Mainland China for the third quarter reached over RMB17 billion[5], representing a 30% increase quarter-over-quarter and exceeding the top end of our previous guidance range.

“Encouragingly, our continual efforts to enhance our technological capabilities and strengthen our risk management have led to significant improvements in delinquency rates across the platform in particular for newly facilitated loans. Due to the shift to better quality customer cohort, our vintage delinquency[9] in the most recent quarter is expected to be significantly lower compared to the past several years.

“Our institutional funding partners continue to be supportive with ample funding and ongoing improvement in funding cost. Going forward, we expect further enhancement in funding cost as we continue to deepen our relationships with our partners.

“As part of our ongoing strategy to leverage our technological capabilities to support new  initiatives, our international operations gained significant traction. We are excited to report that our loan volume in Indonesia experienced a strong rebound from the depressed levels in the second quarter and is now much higher than pre-COVID-19 levels. We expect this strong  momentum to continue moving forward.

“With a long and proven track record in technology innovation, responsive risk management insights and effective measures taken to navigate across credit and economic cycles, we believe our focus on our core strengths and fundamentals, coupled with our strong culture of innovation, sets a solid foundation for our sustainable operation and unlocks the vast potential in the consumer finance markets in China and internationally,” concluded Mr. Zhang.

Mr. Simon Ho, the Chief Financial Officer of FinVolution, commented, “In the third quarter, amid a recovering COVID-19 environment in Mainland China, we delivered non-GAAP operating profit[10] of RMB697.6 million representing an increase of 21.1% quarter-over-quarter, and further demonstrating the resilience of our core business model. Our balance sheet and liquidity remain strong with RMB3.4 billion of cash and short-term liquidity. Armed with strong technological capabilities, and a conservative balance sheet, FinVolution is well positioned to capture additional opportunities in the evolving environment.”



[1]
 Please refer to “UNAUDITED Reconciliation of GAAP And Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating profit.



[2]
 On a cumulative basis, number of users registered on our platform in Mainland China as of September 30, 2020.



[3]
 On a cumulative basis, number of borrowers whose loans were funded in Mainland China on or prior to September 30, 2020.



[4] Represents the total number of borrowers in Mainland China whose loans were facilitated on our platform during the period presented.



[5]
 Represents the loan origination volume facilitated in Mainland China during the period presented.



[6]
 Represents the percentage of loan volume generated by repeat borrowers in Mainland China who have successfully borrowed on our platform  before.



[7]
 Represents the average loan size on our platform in Mainland China during the period presented.



[8]
 Represents the average loan tenure period on our platform in Mainland China during the period presented.



[9]
 Represents the historical cumulative 30-day past due delinquency rates by loan origination vintage for all loan products in Mainland China.



[10]
Please refer to “UNAUDITED Reconciliation of GAAP and Non-GAAP Results” for reconciliation between GAAP and Non-GAAP adjusted operating profit.

Third Quarter 2020 Financial Results

Net revenue for the third quarter of 2020 increased by 12.6% to RMB1,793.3 million (US$264.1 million) from RMB1,592.5 million in the same period of 2019, primarily due to the adoption of ASC 326. Before the adoption of ASC 326, gains or losses related to quality assurance commitments were recorded in one combined financial statement line item within other income. After the adoption of ASC 326, the guarantee income (i.e. the guarantee liability) was recorded as a separate financial statement line item within revenue and the credit losses for quality assurance were recorded within expenses. The increase in net revenue was partially offset by the decline in loan origination volume and decrease in average rate of transaction fees.

Loan facilitation service fees decreased by 45.6% to RMB486.3 million (US$71.6 million) for the third quarter of 2020 from RMB893.6 million in the same period of 2019, primarily due to the decline in loan origination volume and the decrease in the average rate of transaction fees. 

Post-facilitation service fees decreased by 46.3% to RMB161.4 million (US$23.8 million) for the third quarter of 2020 from RMB300.7 million in the same period of 2019, primarily due to the decline in outstanding loans serviced by the Company and the rolling impact of deferred transaction fees.

Guarantee income was RMB747.1 million (US$110.0 million) for the third quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the guarantee liabilities of quality assurance commitment are released as a revenue systematically over the term of the loans subject to quality assurance commitment.

Net interest income decreased by 24.4% to RMB260.9 million (US$38.4 million) for the third quarter of 2020, from RMB345.0 million in the same period of 2019, primarily due to decreased interest income from the reduction in the outstanding loan balances of consolidated trusts and the decrease in interest rates. 

Other revenue increased by 158.6% to RMB137.6 million (US$20.3 million) for the third quarter of 2020 from RMB53.2 million in the same period of 2019, primarily due to increased customer referral fees to other third-party service providers. 

Origination and servicing expenses increased by 2.0% to RMB338.9 million (US$49.9 million) for the third quarter of 2020 from RMB332.1 million in the same period of 2019, primarily due to an increase in fees paid to third party service providers.

Sales and marketing expenses decreased by 49.7% to RMB115.3 million (US$17.0 million) for the third quarter of 2020 from RMB229.2 million in the same period of 2019, primarily due to the decrease in online customer acquisition expenses as a result of the decline in newly registered users on the Company’s platform.

General and administrative expenses decreased by 15.5% to RMB105.4 million (US$15.5 million) for the third quarter of 2020 compared to RMB124.8 million in the same period of 2019, due to improved operating efficiency.

Research and development expenses decreased by 14.1% at RMB93.0 million (US$13.7 million) for the third quarter of 2020, compared to RMB108.2 million in the same period of 2019, due to a more streamlined team in technology related departments.

Credit losses for quality assurance commitment were RMB326.6 million (US$48.1 million) for the third quarter of 2020 due to the adoption of ASC 326. After the adoption of ASC 326, the expected credit losses of quality assurance commitment will be accounted for in addition to and separately from the guarantee liabilities accounted for under ASC 460.

Provision for loans receivables was RMB90.0 million (US$13.3 million) for the third quarter of 2020, compared with RMB80.1 million in the same period of 2019, primarily due to the adoption of ASC 326, which requires the Company to recognize the life time credit losses upon initial recognition and provisions for new international business.

Provision for accounts receivables and other receivables decreased by 49.3% to RMB35.1 million (US$5.2 million) for the third quarter of 2020, compared with RMB69.2 million in the same period of 2019 as a result of the decline in loan origination volume and improvement in delinquency rates, which was partially offset by provision provided on other receivables.

Operating profit increased by 6.2% to RMB689.0 million (US$101.5 million) for the third quarter of 2020 from RMB648.9 million in the same period of 2019.

Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB697.6 million (US$102.8 million) for the third quarter of 2020, representing an increase of 6.1% from RMB657.8 million in the same period of 2019.

Other income decreased by 49.5% to RMB26.3 million (US$3.9 million) for the third quarter of 2020, from RMB52.1 million in the same period of 2019. For the third quarter of 2020, other income primarily consisted gains from investments.

Income tax expenses were RMB118.4 million (US$17.4 million) for the third quarter of 2020, compared with RMB130.7 million in the same period of 2019, due to the decline in pre-tax profit and recognition of gain related to quality assurance in a subsidiary with preferential tax status due to tax planning.

Net profit was RMB596.9 million (US$87.9 million) for the third quarter of 2020, compared with RMB598.5 million in the same period of 2019.

Net profit attributable to ordinary shareholders of the Company was RMB602.7 million (US$88.8 million) for the third quarter of 2020, compared with RMB597.9 million in the same period of 2019.

As of September 30, 2020, the Company had cash and cash equivalents of RMB1,107.2 million (US$163.1 million) and short-term investments mainly in wealth management products of RMB2,278.4 million (US$335.6 million).

The following table provides the delinquency rates for all outstanding loans on the Company’s platform in Mainland China as of the respective dates indicated.


As of


15-29
days


30-59
days


60-89
days


90-119 days


120-149 days


150-179 days

September 30, 2017

0.89%

1.40%

1.15%

1.02%

0.79%

0.60%

December 31, 2017

2.27%

2.21%

1.72%

1.63%

1.36%

1.20%

March 31, 2018

0.87%

2.11%

2.43%

3.83%

2.29%

1.89%

June 30, 2018                  

0.83%

1.21%

1.05%

0.98%

1.60%

2.03%

September 30, 2018                  

1.03%

1.77%

1.49%

1.29%

1.06%

1.02%

December 31, 2018                  

0.92%

1.63%

1.41%

1.45%

1.44%

1.34%

March 31, 2019

0.80%

1.61%

1.45%

1.29%

1.31%

1.20%

June 30, 2019

0.86%

1.42%

1.37%

1.19%

1.26%

1.21%

September 30, 2019

0.90%

1.50%

1.35%

1.31%

1.17%

1.20%

December 31, 2019                  

1.34%

2.40%

1.86%

1.76%

1.62%

1.53%

March 31, 2020

1.34%

3.03%

2.33%

2.44%

2.64%

2.17%

June 30, 2020

0.71%

1.36%

1.70%

2.00%

2.75%

2.38%

September 30,2020

0.46%

0.72%

0.74%

0.90%

1.07%

1.43%

The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage in Mainland China for all loan products facilitated through the Company’s online marketplace as of September 30, 2020:


Click here

 to view the chart


Month on Book


Vintage


2nd


3rd


4th


5th


6th


7th


8th


9th


10th


11th


12th

2017Q3 . . . .

2.22%

3.05%

4.13%

5.18%

6.13%

6.64%

6.88%

7.04%

7.16%

7.22%

7.26%

2017Q4 . . . .

2.86%

4.24%

5.19%

5.69%

5.98%

6.19%

6.29%

6.39%

6.47%

6.49%

6.50%

2018Q1 . . . .

1.37%

2.20%

2.99%

3.67%

4.32%

4.86%

5.23%

5.50%

5.66%

5.74%

5.77%

2018Q2 . . . .

1.87%

3.12%

4.39%

5.46%

6.33%

6.99%

7.47%

7.80%

7.99%

8.08%

8.13%

2018Q3……

1.45%

2.51%

3.53%

4.39%

5.09%

5.59%

5.97%

6.28%

6.50%

6.64%

6.72%

2018Q4. . . .

1.43%

2.49%

3.55%

4.42%

5.18%

5.76%

6.20%

6.54%

6.81%

7.01%

7.16%

2019Q1……

1.34%

2.38%

3.45%

4.36%

5.13%

5.75%

6.22%

6.65%

6.99%

7.25%

7.43%

2019Q2……

1.33%

2.34%

3.31%

4.18%

5.05%

5.82%

6.44%

6.98%

7.34%

7.50%

7.52%

2019Q3…….

1.02%

2.16%

3.42%

4.55%

5.64%

6.45%

6.92%

7.13%

7.20%

7.20%

7.15%

2019Q4…….

0.83%

2.07%

3.37%

4.45%

5.12%

5.50%

5.68%

5.79%

2020Q1…….

0.81%

1.73%

2.46%

2.97%

3.35%

2020Q2……

0.44%

0.92%

Changes in Board of Directors and Management

The Board of Directors of the Company (the “Board”) has approved and appointed Mr. Simon Tak Leung Ho as a member of the Board effective on November 16, 2020. At the same time, the Board has approved the appointment of Mr. Jiayuan Xu, as the Company’s new Chief Financial Officer, effective on December 1, 2020. Mr. Xu currently serves as the Company’s Senior Vice President for Finance and will succeed Mr. Ho, who tendered his resignation from the position as the Company’s incumbent Chief Financial Officer due to personal reasons. To ensure a smooth transition, Mr. Ho will remain in his capacity until November 30, 2020.

Mr. Jiayuan Xu has been serving as our Senior Vice President for Finance and Head of Financial Institutions Department since March 2018. Mr. Xu served as the Vice President for finance from June 2016 to March 2018. Mr. Xu joined us as our Financial Controller in June 2015. Prior to joining us, Mr. Xu served as the Head of Financial Management Department of Nanyang Commercial Bank (China) Co., Ltd. from 2008 to 2015. Mr. Xu was an Audit Manager at PricewaterhouseCoopers Zhong Tian LLP from 2003 to 2008. Mr. Xu received his bachelor’s degree in international trade and finance from Shanghai Jiaotong University in and FMBA degree from China Europe International Business School. Mr. Xu is also a member of Chinese Institute of Certified Public Accountants.

Company’s Share Repurchase Update

As of November 12, 2020, the Company has deployed approximately US$10.9 million under its existing repurchase program with an authorization of US$60 million to repurchase its American Depositary Shares (“ADSs”). In combination with the Company’s previous repurchase program with authorization of US$120 million, the Company has deployed a total of approximately US$121.9 million to repurchase its ADSs.

FinVolution Group’s Chairman Ownership Update

Mr. Shaofeng Gu, the Chairman and Chief Innovation Officer of the Company, has informed the Company on August 11, 2020 that he had continued to purchase in his personal capacity 0.4 million of the Company’s ADSs in the second quarter of 2020. The purchases were made during an open window period and in compliance the Company’s guidelines. As of September 30, 2020, Mr. Shaofeng Gu beneficially owned an aggregate number of 414,256,580 ordinary shares, representing approximately 28.9% of beneficial ownership in the Company.

Business Outlook

As China gradually recovers from the aftermath of the COVID-19 outbreak, the Company has continued to experience improvements in delinquency trends for newly facilitated loans. The Company will continue to closely monitor the global development of the pandemic and remain agile in its business operations. The Company holds a cautiously optimistic view on its operations and expects progressive growth for its loan origination volume in the fourth quarter of 2020 to be in the range of RMB18 billion to RMB20 billion. With a gradual recovery in the macro economy, the Company expects it’s vintage delinquency9 risks to further improve.

The above outlook is based on current market conditions and reflects the Company’s preliminary expectations as to market conditions, its regulatory and operating environment, as well as customer and institutional investor demand, all of which are subject to change.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 17, 2020 (8:00 PM Beijing/Hong Kong time on November 17, 2020).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

1-888-346-8982

International:

1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Hong Kong, China:

852-3018-4992

Mainland China:

400-120-1203

Participants should dial-in at least 5 minutes before the scheduled start time and ask to be connected to the call for “FinVolution Group.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until November 24, 2020, by dialing the following telephone numbers:

United States (toll free):

1-877-344-7529

International:

1-412-317-0088

Replay Access Code:

10149966

About FinVolution Group

FinVolution Group is a leading fintech platform in China connecting underserved individual borrowers with financial institutions. Established in 2007, the Company is a pioneer in China’s online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company’s platform, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of September 30, 2020, the Company had over 112.8 million cumulative registered users.

For more information, please visit  https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use Non-GAAP operating profit, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that adjusted operating profit help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that adjusted operating profit provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating profit is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net (loss)/income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this Non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the rate in effect as of September 30, 2020 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company’s marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Investor Relations
Jimmy Tan
Tel: +86 (21) 8030 3200- Ext 8601
E-mail: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

In the United States:
The Piacente Group, Inc.  
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

 

 

 


FinVolution Group


UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS


 (All amounts in thousands, except share data, or otherwise noted)


As of December 31,


As of September 30,


2019


2020


RMB


RMB


USD


Assets

Cash and cash equivalents

2,324,542

1,107,192

163,072

Restricted cash

3,686,203

3,915,293

576,660

Short-term investments

114,560

2,278,395

335,571

Investments

952,833

976,333

143,798

Quality assurance  receivable, net of credit loss allowance for
  quality assurance receivable of RMB809,503 and RMB284,266 
  as of December 31, 2019 and September 30, 2020, respectively

3,649,642

1,157,485

170,479

Intangible assets

64,280

96,780

14,254

Property, equipment and software, net

134,324

108,049

15,914

Loans receivable, net of  credit loss allowance  for loans receivable
  of RMB316,124  and RMB607,423 as of December 31, 2019 and 
  September 30, 2020, respectively

4,808,252

3,232,716

476,128

Accounts receivable,  net of  credit loss allowance for accounts 
  receivable of RMB145,699 and RMB255,197 as of December 
  31, 2019 and September 30, 2020, respectively

882,305

685,903

101,023

Deferred tax assets

129,740

420,173

61,885

Contract assets

20,555

–

–

Right of use assets

95,786

63,345

9,330

Prepaid expenses and other assets

1,391,023

1,133,766

166,986

Goodwill

50,411

50,411

7,425


Total assets

18,304,456

15,225,841

2,242,525


Liabilities and Shareholders’ Equity

Payable to platform customers

684,630

110,733

16,309

Quality assurance payable[1]

4,776,153

–

–

Deferred guarantee income[1]

–

1,224,437

180,340

Expected credit losses for quality assurance commitment[1]

–

2,249,845

331,366

Payroll and welfare payable

176,685

144,052

21,217

Taxes payable

128,298

201,663

29,702

Short-term borrowings

235,000

150,000

22,093

Funds payable to investors of consolidated trusts

3,660,483

2,427,922

357,594

Contract liability

55,728

4,067

599

Deferred tax liabilities

198,922

202,907

29,885

Accrued expenses and other liabilities

291,934

392,061

57,744

Leasing liabilities

85,143

53,706

7,910


Total liabilities

10,292,976

7,161,393

1,054,759


Commitments and contingencies


FinVolution Group Shareholders’ equity

Ordinary shares

103

103

15

Additional paid-in capital

5,640,898

5,647,563

831,796

Treasury stock

(47,174)

(319,845)

(47,108)

Statutory reserves

317,198

317,198

46,718

Accumulated other comprehensive income

70,320

35,500

5,231

Retained Earnings

1,966,611

2,298,839

338,582


Total FinVolution Group shareholders’ equity

7,947,956

7,979,358

1,175,234

Non-controlling interest

63,524

85,090

12,532


Total shareholders’ equity

8,011,480

8,064,448

1,187,766


Total liabilities and shareholders’ equity

18,304,456

15,225,841

2,242,525



[1] Upon adoption of ASC 326 on January 1, 2020, quality assurance payable is separated into deferred guarantee income (i.e. the unamortized ASC 460 component of guarantee) and expected credit losses for quality assurance commitment (i.e. CECL liability).

 

 

 


FinVolution Group


UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME


 (All amounts in thousands, except share data, or otherwise noted)


For the Three Months Ended September 30,


For the Nine Months Ended September 30,


2019


2020


2019


2020


RMB


RMB


USD


RMB


RMB


USD


Operating revenue:

Loan facilitation service fees

893,614

486,291

71,623

2,771,979

1,265,565

186,398

Post-facilitation service fees

300,671

161,376

23,768

924,542

497,236

73,235

Guarantee income[1]

–

747,143

110,042

–

2,718,598

400,406

        Net interest income

344,997

260,931

38,431

789,905

909,046

133,888

Other Revenue

53,229

137,592

20,265

243,542

319,650

47,079


Net revenue

1,592,511

1,793,333

264,129

4,729,968

5,710,095

841,006


Operating expenses:

Origination and servicing expenses

(332,078)

(338,879)

(49,911)

(903,053)

(860,689)

(126,766)

Sales and marketing expenses

(229,190)

(115,305)

(16,983)

(588,585)

(273,254)

(40,246)

General and administrative expenses

(124,806)

(105,392)

(15,523)

(334,630)

(303,772)

(44,741)

Research and development expenses

(108,221)

(92,988)

(13,696)

(297,504)

(263,941)

(38,874)

Credit losses for quality assurance commitment[1]

–

(326,610)

(48,104)

–

(1,699,231)

(250,270)

Provision for loans receivable

(80,082)

(89,986)

(13,253)

(196,936)

(505,698)

(74,482)

Provision for accounts receivable and other receivables

(69,185)

(35,143)

(5,176)

(197,895)

(91,539)

(13,482)


Total operating expenses

(943,562)

(1,104,303)

(162,646)

(2,518,603)

(3,998,124)

(588,861)


Operating profit

648,949

689,030

101,483

2,211,365

1,711,971

252,145


Other income (expenses)

Gain from quality assurance fund[1]

34,321

–

–

91,331

–

–

Realized gain (loss) from financial guarantee derivatives

37,235

–

–

29,695

–

–

Fair value change of financial guarantee derivatives

(43,474)

–

–

(51,681)

–

–

Other income, net

52,147

26,314

3,876

106,200

114,393

16,848


Profit before income tax expense

729,178

715,344

105,359

2,386,910

1,826,364

268,993

Income tax expenses

(130,718)

(118,398)

(17,438)

(424,870)

(355,045)

(52,293)


Net profit

598,460

596,946

87,921

1,962,040

1,471,319

216,700

     Net profit (loss) attributable to non-
controlling ,interest shareholders

577

(5,719)

(842)

466

(7,442)

(1,096)


Net profit attributable to FinVolution Group

597,883

602,665

88,763

1,961,574

1,478,761

217,796

Foreign currency translation adjustment, net of nil tax 

21,335

(37,082)

(5,462)

21,066

(34,820)

(5,128)


Total comprehensive income attributable



to FinVolution Group

619,218

565,583

83,301

1,982,640

1,443,941

212,668


Weighted average number of ordinary shares used in
computing net income per share

Basic

1,553,399,525

1,453,795,176

1,453,795,176

1,521,577,804

1,496,832,088

1,496,832,088

Diluted

1,579,642,133

1,467,348,248

1,467,348,248

1,565,427,361

1,509,090,474

1,509,090,474

Income per share -Basic

0.38

0.41

0.06

1.29

0.99

0.15

Income per ADS-Basic

1.92

2.07

0.31

6.45

4.94

0.73

Income per share -Diluted

0.38

0.41

0.06

1.25

0.98

0.14

Income per ADS-Diluted

1.89

2.05

0.30

6.27

4.90

0.72



[1]
Before the adoption of ASC 326 on January 1, 2020, gain or losses related to quality assurance commitments were recorded in one combined financial statement line item within other income. After the adoption of ASC 326, the guarantee income (i.e. the release of ASC 460 component of guarantee liability) was recorded as a separate financial statement line item within revenue and the credit losses for quality assurance commitments (i.e. the recognition of CECL losses) was recorded within expenses. 

 

 

 


FinVolution Group


UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


 (All amounts in thousands, except share data, or otherwise noted)


Three Months Ended September 30


Nine Months Ended September 30, 


2019


2020


2019


2020

RMB

RMB

USD

RMB

RMB

USD

Net cash provided by operating

activities

1,515,746

791,240

116,537

2,609,065

1,458,450

214,806

Net cash provided by/(used in)
investing activities

28,870

(175,887)

(25,905)

(1,094,495)

(389,740)

(57,402)

Net cash provided by/(used in)
financing activities

285,077

(602,873)

(88,794)

937,102

(2,035,703)

(299,828)

Effect of exchange rate changes
on cash and cash equivalents

16,505

(28,131)

(4,143)

17,657

(21,267)

(3,131)

Net increase/(decrease) in cash,
cash equivalent and restricted cash

1,846,198

(15,651)

(2,305)

2,469,329

(988,260)

(145,555)

Cash, cash equivalent and
restricted cash at beginning of period

5,916,852

5,038,136

742,037

5,293,721

6,010,745

885,287

Cash, cash equivalent and
restricted cash at end of period

7,763,050

5,022,485

739,732

7,763,050

5,022,485

739,732

 

 

 


FinVolution Group


UNAUDITED Reconciliation of GAAP and Non-GAAP Results


 (All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,


2019


2020


2019


2020


RMB


RMB


USD


RMB


RMB


USD


Net Revenues

1,592,511

1,793,333

264,129

4,729,968

5,710,095

841,006

Less: total operating expenses

(943,562)

(1,104,303)

(162,646)

(2,518,603)

(3,998,124)

(588,861)


Operating Income

648,949

689,030

101,483

2,211,365

1,711,971

252,145

Add: share-based compensation expenses

8,890

8,600

1,267

32,827

25,329

3,731


Non-GAAP adjusted operating income

657,839

697,630

102,750

2,244,192

1,737,300

255,876


Operating Margin

40.8%

38.4%

38.4%

46.8%

30.0%

30.0%


Non-GAAP operating margin

41.3%

38.9%

38.9%

47.4%

30.4%

30.4%

 

 

 

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SOURCE FinVolution Group

Posted on

Turkey’s Akbank Will Use FICO Optimization to Build Value in Credit Card Portfolio

Akbank’s teams will also use FICO’s advanced decision optimization capabilities on a range of business problems

PR Newswire

ISTANBUL, Nov. 17, 2020 /PRNewswire/ —

Highlights

  • After a competitive search, Akbank chose FICO to optimize its consumer credit card limit decisions for new and existing customers.
  • Akbank also plans to use the same optimization technologies in solving different problems such as setting loan amount and price, and customer credit limits
  • FICO is also working to futureproof the bank’s risk management growth by training in-house Akbank team on the optimization methodologies and action-effect modelling.
  • Akbank’s strategy is to establish an optimization centre of excellence.

Global analytics and decision management provider FICO is providing decision optimization software to manage the growing consumer credit card portfolio for one of the biggest Turkish retail banks, Akbank.

More information: https://www.fico.com/en/products/fico-decision-optimizer

FICO has a global pedigree in credit limit management optimization projects, and many of the world’s leading financial institutions use its optimization technology. Akbank will tap into this depth of experience to create an optimization centre of excellence. Akbank has tasked FICO to train an in-house team so they can build their own applications for other areas,  such as loan amount and pricing optimization, customer-based limit optimization and restructuring optimization.  

FICO will configure and develop sophisticated “action-effect” models for Akbank’s retail lending team using FICO® Decision Optimizer to manage their initial credit limit assignment and the on-going limits for Akbank’s consumer credit card portfolio.  The action-effect models project customer responses to offers in order to determine the best offer for each customer.  These will be configured into the optimization framework, allowing the Akbank team to choose an operating point that meets their objectives and constraints.

Serhan Pak, Akbank’s senior vice president, Retail Lending, said: “We view optimization as a strategic tool for Akbank, as we build on excellence in credit analytics to reach our strategic goals. The robustness of FICO’s analytic technology and the fact that their optimization applications are in use worldwide made them a natural choice for us.”

Emre Unlusoy, regional director for Turkey & Balkans at FICO, said: “Akbank is aiming to improve profitability, market share and revenues while decreasing non-performing loans. This is an ideal use of optimization, which brings together analytics, decision logic, mathematical optimization and domain expertise.”

FICO® Decision Optimizer enables business analysts to develop, assess and improve the decisions that drive customer interactions and business results. Users can test decision strategies for the optimal results that balance trade-offs between cost, risk and reward, by factoring in dynamic economic and market conditions.

Akbank’s mission is to be the leading bank that drives Turkey into the future. The bank has grown to over 750 branches and employs more than 12,000 people.  

About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at https://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

About Akbank

Akbank’s core business is banking activities, consisting of corporate and investment banking, commercial banking, SME banking, consumer banking, payment systems, treasury transactions and private banking, and international banking services. In addition to conventional banking activities, the Bank also conducts insurance agency operations through its branches, on behalf of Ak Insurance and AvivaSA Pensions and Life Insurance

Learn more at www.akbank.com

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/turkeys-akbank-will-use-fico-optimization-to-build-value-in-credit-card-portfolio-301174329.html

SOURCE FICO

Posted on

Ruhnn Announces Change of Auditor

PR Newswire

HANGZHOU, China, Nov. 17, 2020 /PRNewswire/ — Ruhnn Holding Limited (“ruhnn” or the “Company”) (NASDAQ: RUHN), a leading internet key opinion leader (“KOL”) facilitator in China, today announced the appointment of KPMG Huazhen LLP (“KPMG”) as the Company’s independent registered public accounting firm.

The appointment of KPMG was made after a careful and thorough evaluation process and has been approved by the audit committee of the Company.

The reports of Deloitte Touche Tohmatsu Certified Public Accountants LLP (“DTT”)  on the combined and consolidated financial statements of the Company as of March 31, 2020 and 2019 and for the three years in the period ended March 31, 2020 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. The decision to change auditors was not the result of any disagreement between the Company and DTT on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

During the Company’s fiscal years ended March 31, 2019 and 2020 and until the engagement of KPMG, neither the Company nor anyone on its behalf has consulted with KPMG on either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements, and neither a written report nor oral advice was provided to the Company by KPMG which KPMG concluded as an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was the subject of a disagreement, as that term is defined in Item 16F(a)(1)(iv) of Form 20-F (and the related instructions thereto) or a reportable event as set forth in Item 16F(a)(1)(v) of Form 20-F.

The Company is working closely with DTT and KPMG to ensure a seamless transition.

The audit committee would like to express its sincere gratitude to DTT for its professionalism and quality of services rendered to the Company over the past years.

About Ruhnn Holding Limited

Ruhnn Holding Limited is a leading internet KOL facilitator and platform in China. The Company connects influential KOLs who engage and impact their fans on the internet to its vast commercial network to build the brands of fashion products. Ruhnn pioneered the commercialization of the KOL ecosystem in China, and operates under both platform and full-service models. The Company’s platform model promotes products sold in third-party online stores and provides advertising services on KOL’s social media spaces to third-party merchants. The full-service model integrates key steps of the e-commerce value chain from product design and sourcing and online store operations to logistics and after-sale services. As of June 30, 2020, the Company had 174 signed KOLs with an aggregate of 263.1 million fans across major social media platforms in China.

For more information, please visit http://ir.ruhnn.com.

For investor and media inquiries, please contact:

In China:

Ruhnn Holding Limited
Sterling Song
Senior Director of Investor Relations
Tel: +86-571-2825-6700
E-mail: [email protected]

The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: [email protected]

In the United States:

The Piacente Group, Inc. 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

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SOURCE Ruhnn Holding Limited

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of ZoomInfo Technologies Inc. – ZI

PR Newswire

NEW YORK, Nov. 17, 2020 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of ZoomInfo Technologies, Inc. (“ZoomInfo” or the “Company”) (NASDAQ: ZI). Such investors are advised to contact Robert S. Willoughby at  [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether ZoomInfo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On November 9, 2020, ZoomInfo announced that on November 5, 2020, the audit committee of the Company’s board of directors concluded that ZoomInfo’s Q2 2020 financial statements filed with the U.S. Securities and Exchange Commission should not be relied on. ZoomInfo further disclosed that it would restate those results because it improperly recorded a $21.6 million tax benefit related to the GAAP basis and tax basis of partnerships owned by corporations within ZoomInfo’s corporate structure. As a result of this improper accounting, ZoomInfo understated its Q2 2020 net loss by over 38%. 

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP
[email protected] 
888-476-6529 ext. 7980

 

 

 

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SOURCE Pomerantz LLP

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Philips World COPD Day survey reveals care challenges, telehealth adoption, and increased global awareness surrounding respiratory health

November 17, 2020

Survey
confirms COVID-19 pandemic impacted ability of COPD patients and informal caregivers to receive and administer care, but brought increased awareness to the disease

Amsterdam, the Netherlands –

Royal Philips
 (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced findings from its first ever World COPD Day survey ahead of the awareness day on November 18. Philips surveyed more than 4,000 adults in China, India, Russia and the U.S. to gather insights on global awareness of respiratory conditions, such as chronic obstructive pulmonary disease (COPD), and how the COVID-19 pandemic has influenced overall perceptions of respiratory health. Findings reveal that while the pandemic created unique challenges for the COPD community, it also increased the general population’s awareness for the condition and encouraged alternative care options, such as telehealth.  

According to the Center for Disease Control, adults with COPD are at increased risk for severe illness from the virus that causes COVID-19 [1]. Philips survey shows that while action to improve respiratory health to combat the respiratory virus is on the rise for all respondents, significant differences exist between how COPD and non-COPD populations seek care.

“Due to the nature of the COVID-19 virus, respiratory health has become a daily conversation across the globe,” said Huiling Zhang, Head of Medical Office for Connected Care at Philips. “Despite impacting millions of people around the world, COPD isn’t talked about as often as other chronic conditions like heart disease. We conducted this survey to shed light on the unique burdens and stresses that COPD patients face every day, intensified during this time. The survey results show that more than ever, respiratory health – and taking action to improve it – is a priority, but that the impacts of the pandemic have been especially felt by the COPD community who already experience respiratory insufficiency.”

COPD patients facing care challenges throughout COVID-19

For those living with COPD, the pandemic impacted the care they required and received. 56% of COPD patients report COVID-19 has made it difficult for them to get COPD treatment, 58% report that managing their COPD during the pandemic has been completely overwhelming, and 68% report they worry much more than they used to about their chronic condition because of the pandemic. COVID-19 also presented challenges for informal caregivers of COPD patients, with 79% specifically citing the pandemic as the factor that influenced the amount of care they provided to the COPD patient.

Emphasis on respiratory health, virtual care options increases

With concern growing around in-person care, willingness for telehealth visits has been on the rise since the onset of the pandemic. Particularly for wellness visits (56% to 62%), regular check-ins for a chronic health issue (57% to 64%), and to discuss a new health issue (57% to 63%). This increase was surprisingly more prevalent among the non-COPD population, with 55% willing to use telehealth to receive treatment for a chronic health issue before COVID-19, now up to 62%. Additionally, COPD patients looked for better ways to manage their condition because of COVID-19 (75%), such as diet, exercise, or purchasing air filtration systems.

COPD awareness rising amid knowledge gaps

While COVID-19 may have exacerbated individual concerns for the nearly 65 million people [2] currently living with COPD, it also brought increased awareness for the chronic condition across the globe. Nearly three in five people report being more familiar with COPD now compared to prior to the COVID-19 pandemic, which may be directly linked with increased education around respiratory illnesses due to the nature of COVID-19. Prior to the pandemic, 52% of respondents reported being familiar with COPD; that number is now up to 72%.

Philips’ broad portfolio of connected solutions and services is designed to address the needs of patients with chronic respiratory conditions like COPD and enable providers and physicians to more effectively manage patient care. For additional survey findings and data, or to learn more about how Philips is working to increase awareness this World COPD Day, please visit: Philips.com/WorldCOPDDay.

[1] https://www.cdc.gov/coronavirus/2019-ncov/need-extra-precautions/people-with-medical-conditions.html
[2] https://www.healthline.com/health/copd/facts-statistics-infographic#:~:text=More%20than%2065%20million%20people,over%20the%20next%2050%20years

About the Survey

This survey was conducted online by KJT Group, Inc. on behalf of Philips from October 8-17, 2020 among 4,001 adults ages 18 and older in 4 countries (China.: n=1,000; India: n=1,000; Russia: n=1,001; and the U.S.: n=1,000). The survey was web-based and self-administered in the primary language(s) of each country. These were non-probability samples and thus a margin of error cannot be accurately estimated. For complete survey methodology, including weighting variables, please contact Meredith Amoroso at [email protected].

For further information, please contact:

Meredith Amoroso
Philips Global Press Office
Tel: +1 724-584-8991
E-mail: [email protected]  

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2019 sales of EUR 19.5 billion and employs approximately 81,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

Attachments



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China Index Holdings to Hold 2020 Annual General Meeting on December 18, 2020

BEIJING, Nov. 17, 2020 (GLOBE NEWSWIRE) — China Index Holdings Limited (NASDAQ: CIH), (“CIH” or the “Company”), a leading real estate information and analytics service platform provider in China, today announced that it will hold its 2020 annual general meeting of shareholders (the “AGM”) at F15, Tower A, No. 20 Guogongzhuang Middle Street, Fengtai District, Beijing 100070, People’s Republic of China on December 18, 2020 at 10 a.m., Beijing time.

No proposal will be submitted for shareholder approval at the AGM. Instead, the AGM will serve as an open forum for shareholders of record and beneficial owners of the Company’s American depositary shares (“ADSs”) to discuss Company affairs with the management. 

The board of directors of the Company has fixed the close of business on November 18, 2020 as the record date (the “Record Date”) for determining the shareholders entitled to receive notice of the AGM or any adjournment or postponement thereof.

Holders of record of the Company’s Class A and Class B ordinary shares (the “Ordinary Shares”) at the close of business on the Record Date are entitled to attend the AGM and any adjournment or postponement thereof in person. Beneficial owners of the Company’s ADSs are welcome to attend the AGM in person.

The Company filed its annual report on Form 20-F (the “Annual Report”) for the fiscal year ended December 31, 2019 with the U.S. Securities and Exchange Commission (the “SEC”) on April 30, 2020. The Annual Report can be accessed on the Company’s investor relations website at http://ir.chinaindexholdings.com/, as well as on the SEC’s website at http://www.sec.gov/.

Holders of the Company’s Ordinary Shares or ADSs may obtain a hard copy of the Annual Report, free of charge, by sending an email to [email protected] or by writing to the Investor Relations Department of the Company at F15, Tower A, No. 20 Guogongzhuang Middle Street, Fengtai District, Beijing 100070, People’s Republic of China.

About CIH

CIH operates a leading real estate information and analytics service platform in China in terms of geographical coverage and volume of data points. Its services span across database, analytics, promotions and listing services for China’s real estate markets. CIH serves a substantial base of real estate participants in China, including real estate developers, brokers and agents, property management companies, financial institutions and individual professionals, with an authoritative, comprehensive and seasonable collection of real estate data, complemented by a variety of powerful analytical and marketing tools. For more information about CIH, please visit http://ir.chinaindexholdings.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding CIH’s future financial performance, revenue guidance, growth and growth rates and market position. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond CIH’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in CIH’s filings with the U.S. Securities and Exchange Commission. CIH does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.



For investor and media inquiries, please contact:

Ms. Jessie Yang
Investor Relations
Email: [email protected]

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Toppan Named to DJSI World Index for Four Consecutive Years

Outstanding sustainability performance continues to be recognized by leading global ESG investment index.

PR Newswire

TOKYO, Nov. 17, 2020 /PRNewswire/ — Toppan Printing (Toppan), a global leader in communication, security, packaging, décor materials, and electronics solutions, has been included in the Dow Jones Sustainability World Index (DJSI World) for the fourth consecutive year. Toppan has also been selected to the Dow Jones Sustainability Asia/Pacific Index for the second year in a row.

 

Toppan is among 39 Japanese companies selected and the only Japan-based company in the Commercial & Professional Services industry group. Toppan’s environment-related activities were rated particularly highly, with the company achieving the industry’s top score for Climate Strategy. Toppan also registered a top score for Information Security/Cybersecurity.

Toppan’s continued selection to the DJSI index family further builds on ongoing recognition by other leading indexes of environmental, social, and governance (ESG) performance, including FTSE4Good and MSCI ESG Leaders, as well as the FTSE Blossom Japan, MSCI Japan Empowering Women (WIN), and S&P/JPX Carbon Efficient indexes used by the Government Pension Investment Fund of Japan.

“We are very pleased that Toppan’s sustainability efforts are consistently recognized with inclusion in the DJSI World index,” said Yukio Maeda, Toppan’s Executive Vice President. “Our goal is to work with stakeholders as a company creating value for a sustainable global society in which people can lead fulfilling lives. To accomplish this, we will intensify focus on our own ESG initiatives while also contributing through our business to the achievement of the sustainability targets of the international community.”

Toppan aligns its activities with the United Nations Global Compact, the Sustainable Development Goals (SDGs), and the core subjects set out by ISO 26000. The TOPPAN SDGs STATEMENT, published in November 2019, expresses the company’s commitment to integrating approaches to the SDGs into its management. This has been further detailed with the recent announcement of “TOPPAN Business Action for SDGs,” which identifies specific areas of focus for Toppan’s sustainability activities.

For more information about S&P Dow Jones Indices, visit: https://www.spglobal.com/spdji/en/

About Toppan

Toppan is a leading global provider of integrated solutions in the fields of printing, communications, security, packaging, décor materials, electronics, and digital transformation. Toppan’s global team of more than 50,000 employees offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges that businesses and society face in today’s rapidly changing market.

https://www.toppan.com/en/

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SOURCE Toppan Printing

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Cunard puts 2022 voyages on sale including Queen Mary 2’s Transatlantic Crossings and new voyages to Alaska

PR Newswire

SOUTHAMPTON, England, Nov. 17, 2020 /PRNewswire/ — 

Cunard’s 2022 voyage schedule for Queen Mary 2, Queen Victoria and Queen Elizabeth is now on sale.

More than 35 countries feature in the 162 newly launched itineraries, covering north of the Arctic Circle to the Mediterranean and from the Pacific Ocean to the Atlantic Ocean, via the Panama Canal.

Highlights include Queen Elizabeth returning to Alaska with seven and 10 night voyages, departing from and returning to Vancouver, visiting Glacier Bay, Haines, Hubbard Glacier, Skagway, Juneau, Sitka, Ketchikan and Victoria. Ten night Alaska voyages start at $1599 per person.

The series of Alaskan voyages will be joined by a special headliner on each including leading mountaineers Kenton Cool and Peter Hilary and polar scientist turned explorer Felicity Aston.

From Alaska, Queen Elizabeth will journey through the Panama Canal, across to the Mediterranean, where she will embark on a series of seven and 14 night fly-cruises, departing from Barcelona.

Highlights on Queen Mary 2 include a seven night Independence Day Celebration, including an overnight call to Boston and visits to Bar Harbor and Halifax, and her transatlantic crossings with 19 new voyages sailing between New York and Southampton now on sale.

Cunard president, Simon Palethorpe said:

“There is lots for our guests to look forward to on our new voyages for 2022 which include journeys through the Panama Canal and to the Caribbean, a return to Alaska and Queen Mary 2’s transatlantic crossings. 

 “We are experiencing high demand for 2021, so we know how much our guests are anticipating traveling again on Cunard’s iconic ships, and we are delighted to be offering an extended range of voyages through to the end of 2022, all accompanied by early booking offers.”

Examples of the newly launched 2022 itineraries


Alaska, 10 nights, $1599
Cunard is offering a 10 night cruise on Queen Elizabeth (Q219) with prices starting at $1599 per person. Departing June 14, 2022 the price includes breakfast, lunch, dinner and afternoon tea plus entertainment.  Departing from and returning to Vancouver, ports of call are Juneau, Hubbard Glacier, Skagway, Glacier Bay, Sitka, Ketchikan and Victoria.

Panama Canal, 14 nights, $2099
Cunard is offering a 14 night cruise on Queen Elizabeth (Q224D) with prices starting at $2099 per person. Departing July 26, 2022 the price includes breakfast, lunch, dinner and afternoon tea plus entertainment. Departing from Los Angeles and arriving into Port Everglades ports of call are Cabo San Lucas Mexico, Puntarenas Costa Rica, Panama Canal and Oranjestad Aruba.

Transatlantic East, seven nights, $949
Cunard is offering a seven night cruise on Queen Mary 2 (M238) with prices starting at $949 per person. Departing December 3, 2022 the price includes breakfast, lunch, dinner and afternoon tea plus entertainment. This transatlantic crossing travels New York to Southampton and includes a return flight from the UK to the USA.


Eastern Caribbean, 13 nights, $2399
Cunard is offering a 13 night cruise on Queen Mary 2 (M237) with prices starting at $2399 per person. Departing November 20, 2022 the price includes breakfast, lunch, dinner and afternoon tea plus entertainment. Departing from and returning to New York ports of call are Saint Maarten, Dominica, Barbados, Saint Lucia, Saint Kitts and U.S. Virgin Islands.

Independence Day Celebration, seven nights, $1749
Cunard is offering a seven night cruise on Queen Mary 2 (M219) with prices starting at $1749 per person. Departing July 1, 2022 the price includes breakfast, lunch, dinner and afternoon tea plus entertainment. Departing from and returning to New York ports of call are Bar Harbor, Boston (for two days) and Halifax.

Cunard voyages for Queen Mary 2 and Queen Victoria, from April 2022 to January 2023, and Queen Elizabeth, from May to November 2022, will go on sale November 17, 2020. Subsequent deployment after these dates including details of Queen Elizabeth’s winter 2022 programme and Australia voyages will be released in 2021.

For official Cunard photography, please register your details at: https://cunard.assetbank-server.com

About Cunard

Cunard is a luxury British cruise line, renowned for creating unforgettable experiences around the world. Cunard has been a leading operator of passenger ships on the North Atlantic, since 1840, celebrating an incredible 180 years of operation. A pioneer in transatlantic journeys for generations, Cunard is world class. The Cunard experience is built on fine dining, hand-selected entertainment and outstanding service. From five-star restaurants and in-suite dining to inspiring guest speakers, the library and film screenings, every detail has been meticulously crafted to make the experience unforgettable. There are currently three Cunard ships, Queen Mary 2, Queen Elizabeth and Queen Victoria with destinations including Europe, the Caribbean, the Far East and Australia. In 2017, Cunard announced plans to add a fourth ship to its fleet to be launched in 2022.  This investment is part of the company’s ambitious plans for the future of Cunard globally and will be the first time since 1998 that Cunard will have four ships in simultaneous service. Cunard is based at Carnival House in Southampton and has been owned since 1998 by Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:CUK).   

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SOURCE Cunard